Gallery Condominiums in Belltown have announced a new incentive program for purchases made between now and August 31st 2010.  See below for more details:

This is a fun post for me to write.  I have been so excited to share with you some recent updates to the blog.  As you will see in the picture below, we have added a category of links titled “UCS Exclusive Sites”.  I think this is an incredible addition to the site.

For the last 2 months, I have been working tirelessly on building individual sites for the major condominiums projects in Bellevue and Seattle.  The objective was to bring each project to you!  This hyper-local approach, delivers “building” specific information.  Each website is loaded with great info.  You can search units for sale, units that have sold and within a few weeks you’ll be able to search for rentals as well!  In addition, you will find the following:

• Neighborhood information
• Amenities
• Walkscore and much much more.

Each site is fairly interactive as well.  For example, if you want UCS to send you listings in your favorite building, just fill out the email notifications form and you will receive new listings immediately when they hit the market.  As an owner you will also be able to keep tabs on the units that are for sale in your building.  We will be adding new features to the site as time goes on. For now, my hope is that you enjoy what has been created.  Please spread the word!  I’m very excited to get your feedback.  See below for a list of all the websites offered at this time:

Here is an example of the website for the Vine!

These are where the website links are located in UrbanCondoSpaces (see the picture below):

Eastside/Bellevue Condos:

Bravern Condos
Bellevue Towers
One Lincoln Square
One Main Street Condos
Astoria Condos
Washington Square
Kirkland Central

Seattle Condos:

Trace Condos and Lofts
Brix Condos
Eastlake Condos and Lofts
Enso Condominiums
Veer Lofts
2200 Westlake
The Cosmopolitan
5th and Madison
Escala Condos
1521 Condominiums
Cristalla Condos
Bellora Condos
Concord  Condos
The Vine
The Parc
Mosler Lofts
Madison Lofts
Gallery

Gallery, located at 2911 2nd Ave is a concrete and steel structure that hit  Belltown with a splash.  Developed by Schnitzer West, and designed by architects Mithun Architects + Designers + Planners this 13-story community is comprised of 233 units.  Built by PCL Construction, Gallery consists of a variety of floorplans including 18-foot ceiling sky lofts, two-story units, one-plus dens, open-one bedrooms, traditional one bedrooms, traditional two bedrooms, townhomes and penthouses.With an abundance of amenities, a variety of floorplans, and a great location Gallery should continue to be a good project for buyers looking to live in Belltown.

• Unique home plans
• Distinctive common areas
• Designed by Markie Nelson Interior Design
• Landscaped grounds
• Street-level retail
• Solid concrete and steel construction with brick, composite metal, and lap siding
• Secured ProxCard access entrance
• 24/7 full-service concierge
• Storage
• Two-story lobby with marble floors and rotating art
• Fully enclosed garage with controlled access
• On-site surveillance
• Dog area

UCS EXCLUSIVE WEBSITE
________________________________________________________
www.condosatgallery.com

UCS PROJECT GRADE
________________________________________________________

WALKSCORE
_________________________________________________________

Brix and Gallery are reporting some immediate success since they have established new pricing.  According to their e-mail blasts, they have sold 5 units at Brix and 4 units at Gallery.  I have attached the e-mails for your reference.  Is this a part of the Auction buzz or pricing that is finally meeting the expectations of Seattle buyers?

Gallery condominiums just released new pricing.  This is the first release since the Auction last Sunday.  As you will see on their e-mail blast, they focused on pricing this inventory in-line with what was sold at the Auction.

http://www.auctionthegallery.com/

As always, please feel free to contact me with any questions. jreynolds@urbanimg.com

Well, both the Brix and Gallery Auctions are over…phew!  It was a great experience attending these events and for the developer who sold and the buyer who purchased, I would say the verdict is still out on who “won”.  For the buyers it was between 30-32% percent discounts.  For the Seller, it will be the percentage of value above the minimum bid.  For us, who didn’t purchase it will be interesting to see if the new cost per square foot sticks.

At Schnitzer Northwest behind closed doors, they are probably discussing the results as you read this.  We will never really know how they felt after the sales.  I suppose we may get one of them on record, but for now, its all speculation.  I spoke with a respected colleague of mine after the event and he felt that it was without question a “favorable” situation for the buyer.  He said “Schnitzer won’t feel great about the results”.  With that being said, I believed they have accomplished what they set out to do:

1. Unload a portion of the inventory
2. Get closer to meeting FHA requirements

For the majority of the outsiders, one might not realize that there is still 35 units left at Brix and a large number at Gallery as well.  The prices have been set.  Only time will tell if the current pricing will meet the expectation of the rest of the buying pool.

I can attest to the reactions of the buyers.  The room was full and the bidding was active.  I think buyers saw this as a great opportunity to get back at what they felt were overpriced units to begin with.   Over the next few weeks, I’m sure we will hear more from satisfied buyers.

Please feel free to call or e-mail with questions.

I spent a few days last week registering clients for the upcoming auction for Gallery Condominiums in Belltown.  It is pretty clear to me that this auction is the fastest way to get the project on the road to a FHA approval.  What is unknown is how successful the auction may be.

I did feel the buzz of interested buyers and the prices seemed to be pretty fair.  Most minimum bids started at $195,000 and ranged as high as just under $400,000.  The Auction date is set for Sept 27th, 2009.

Please e-mail me with any questions at jreynolds@urbanimg.com

I had the opportunity this evening to show a few units in Belltown.  I must say that the Gallery Condominiums continue to impress me.  I think they have done a marvellous job with the entry, the lounge areas, the workout facility and in general the overall aesthetics of the building.  The exterior looks fantastic and their new 4 star resataurant Lamperia seems like it will really compliment the building.  The units show well and I think the project will gain momentum competing with the stale and unbecoming re-sale inventory within blocks of its location.  It is nice to see Belltown complimented by another notable project.